BNP Paribas Plans to Launch a Digital Currency Custody Service

Financial conglomerate BNP Paribas has plans to launch a digital asset custody service, CoinDesk has reported citing its own sources.

Swiss custodian Metaco, which is oriented towards institutional investors, will be the bank’s partner. Citigroup announced last month that it was working with the company to pilot a platform for storing and managing digital currencies.

Metaco is also a partner in similar initiatives by Societe Generale, BBVA, DBS and UnionBank Philippines.

Institutions usually focus on transactions with security tokens, such as digitized shares and other financial instruments, with less emphasis on cryptocurrencies themselves.